ATO
10 March 2020
www.ato.gov.au

If you’re in the property business or thinking about investing in property there are things you should know, such as.

• you need a clearance certificate from the supplier when buying property over $750,000

• you may have to pay the GST on the sale of brand new residential property separately to us

• income from property activities could increase your total business turnover.

Make tax time easy by keeping accurate and complete records for the period you own the property and you’re:

• renting it out as a residential property – even short-term through the sharing economy

• flipping houses

• building a new house to sell for a profit.

When it’s time to lodge, remember:

• Some expenses:

  • need to be claimed over time (such as borrowing costs or capital items like dishwashers)

  • can be claimed as an immediate deduction (such as interest on loans and insurance).

• You can only claim expenses for:

  • periods when the property is genuinely available for rent .

  • travel related to renting property, if you’re in the business of letting properties.

• Check if you’re eligible for CGT concessions.

Remember, tax agents and BAS agents can help you with your tax.

Find out about:

• Residential rental properties

• Renovating properties

• GST at settlement – a guide for purchasers and their representatives

• Clearance certificates